Ir Jim Ratcliffe said that his debt pile will reach almost 12 billion euros (£10 billion) this year, and that he will reach the benefits of his sport, where Manchester United and New Zealand rugby are in crisis. It faces growing concerns about the financial health of the chemical empire.
The two major credit rating agencies are said to have cut sponsorship payments by billionaire industrialists making another 200 redundant at Manchester United, denounced “European desertion.” It was revealed that billionaire industrialists would be able to produce 200 more redundancy.
Ratcliffe's chemicals business, which offers financial health checks to most large companies, said Fitch Ratings and Moody's, has earned 5-6 times the company's annual revenue.
They have sought some of these debts due to the weakening of the European chemical industry after Russia lost years of energy costs after the Ukrainian invasion dramatically reduced gas exports to Europe as a whole. He added that it could take longer than planned to pay off.
Specifically, Fitch said there was “uncertainty” about its plans to repay £800 million party loans in other parts of the INEOS business empire.
Credit institutions have downgraded the company's outlook to “negative,” potentially denting their ability to borrow from major investment banks under the same conditions as previously offered.
Ratcliffe's business interests include European and American refinery sites, Grenadier Offroad Carventure and fashion brand Belstaff.
Many of these companies have seen a sharp decline in their assets in recent years. This is understood to put pressure on the core chemicals business to provide loans to provide loans.
In November 2023, Petroinos, a joint venture with China's state-owned oil company CNOOC, announced plans to halt operations at Grangemas Oil Refinery by 2025.
Ineos' net debt is expected to peak at around 11.7 billion euros this year, but it works with a 3 billion euro plan to build Europe's largest petrochemical plant in 30 years at the Port of Antwerp in Belgium is being implemented.
Moody's said Ratcliffe's chemicals business is “weakly positioned” and there is a risk that plans to build a refinery known as the project could raise the company's costs.
Despite financial pressure, Ratcliffe continues to pursue side projects, including a deal in 2023, to acquire a minority stake in Manchester United, which has lost £300 million over the past three years.
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He is currently facing a legal battle with New Zealand rugby. He accused Europe of “high energy costs and extreme carbon taxes” of his company of failing to pay sponsorships to All Black Steam.
The big name, knighted for service to the business in 2018, was dropped alongside Sir Ben Ainsley after Ratcliffe's Ineos Britannia team parted ways with four-time Olympic champions of this year's America's Cup. did. Ainsley threatens to launch a “significant” legal battle accordingly.
A spokesman for the INEOS group said the downgrade of the rating agency reflects “the broader economic challenges facing European manufacturing, such as GDP growth and ongoing industrialization pressures.” Ta.
“This is a sector-wide trend that affects all chemical companies,” they added.
